EARNINGS RELEASE SECOND QUARTER 2020 - Etisalat · 2020. 10. 21. · Quarter over quarter...

EARNINGS RELEASE SECOND QUARTER 2020

EMIRATES TELECOMMUNICATIONS GROUP COMPANY PJSC ‘ETISALAT GROUP’

HEAD OFF ICE

ET ISALAT BU ILD INGIntersection of Zayed The 1st Street and

Sheikh Rashid Bin Saeed Al Maktoum StreetP.O. Box 3838, Abu Dhabi, UAE

INVESTOR RELAT [email protected]

21 JULY 2020

FINANCIAL HIGHLIGHTS FOR H1 2020

• Aggregate subscriber base reached 146 million, representing a year over year increase of 2%;

• Consolidated revenues for the first half of 2020 amounted to AED 25.6 billion, representing a decrease of 1% year over year;

• Consolidated EBITDA for the first half of 2020 amounted to AED 13.2 billion, representing a decrease of 0.8% year over year and resulting in EBITDA margin of 52%, stable compared to prior year;

• Consolidated net profit after Federal Royalty amounted to AED 4.6 billion, representing a 3% increase year over year and resulting in a net profit margin of 18%;

• Consolidated capital spending decreased by 14% to AED 2.6 billion, representing 10% of the consolidated revenues;

• Operating free cash flow amounted to AED 10.6 billion, representing an increase of 3% year over year; and

• Etisalat Group’s Board of Directors approved interim dividends of 40 fils per share for the first half of 2020.

FINANCIAL HIGHLIGHTS FOR Q2 2020

• Aggregate subscriber base reached 146 million, representing a year over year increase of 2%;

• Consolidated revenues for the second quarter amounted to AED 12.5 billion, representing a decrease of 3% year over year;

• Consolidated EBITDA for the second quarter amounted to AED 6.5 billion, representing a decrease of 3% year over year and resulting in EBITDA margin of 52%, stable compared to prior year;

• Consolidated net profit after Federal Royalty amounted to AED 2.4 billion, representing a 7% increase year over year and resulting in a net profit margin of 19%;

• Consolidated capital spending increased by 6% to AED 1.5 billion, representing 12% of the consolidated revenues; and

• Etisalat Group’s Board of Directors proposed interim dividends payout of 15 fils per share for the second quarter of 2020.

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KEY DEVELOPMENTS IN Q2 2020

• Credit Rating Agencies Standards & Poor’s and Moody’s affirmed Etisalat Group’s high credit rating at AA-/Aa3 with stable outlook;

• Etisalat provided free mobile data to over 12,000 students in the UAE to access e-learning and enabled free browsing to over 800 websites related to education, health and safety to over 10 million mobile users in the country;

• Etisalat launched a state of the art Tier 3 data centre facility at two new locations in the UAE, expanding its SmartHub, to strengthen international connectivity links;

• Digital Financial Services, a joint venture between Etisalat and Noor Bank, partnered with MoneyGram to offer international remittance services in the UAE to over 200 countries;

• Etisalat and Dubai Police partnered for safety and coronavirus measures;

• Etisalat Digital and FAB launched contactless digital invoicing solution for SMEs;

• Maroc Telecom launched mobile payment system MT Cash, the company’s latest challenge for a slice of Morocco’s financial services sector;

• E-Vision and Etisalat Misr formed a strategic partnership to launch ‘Etisalat TV’ providing prepaid TV services; and

• Maroc Telecom donated MAD 1.5 billion to Morocco’s anti-coronavirus fund

3 / 1 6

STATEMENT FROM H.E. OBAID HUMAID AL TAYER, CHAIRMAN OF ETISALAT GROUP

“Etisalat Group has delivered a good

performance in the first half of 2020 considering

the circumstances; the world is voyaging

through unchartered waters and COVID-19 has

affected all industries including the telecom

sector. Etisalat managed to adapt, respond and

demonstrate resilience as we ensured the delivery

of uninterrupted services to our customers and

had the privilege of supporting our society

through various initiatives.

We are witnessing an opportunity to fast

track digital transformation. The unconventional

conditions have spurred the adoption of digital

services, bridging a divide by changing customers’

behaviour towards digital channels. Etisalat’s

innovative solutions have catered for the social

distancing era, it has enabled remote working

and education, it minimised human interactions

and increased the pace of automation. Our

infrastructure has accommodated the surge in

requirements and is ready for more acceleration

in digital adoption.

I would like to thank the UAE leadership for

positioning the country as one of the most

competitive nations globally. Despite the

headwinds posed by today’s extraordinary times

we continue to pursue our digital goals to meet

the distinctive needs of all customers. I would also

like to extend appreciation to our shareholders

and loyal customers for their sustained confidence

during this period.”

STATEMENT FROM HATEM DOWIDAR, ACTING CEO OF ETISALAT GROUP

“As we conclude the first half of the year,

we pride ourselves with our ability to sustain

shareholder value while ensuring the safety of

our employees , the welfare of our customers, and

the continuous support to the community. The

group’s financial performance is a testimony of

the strong foundations Etisalat was built on and

a reflection of a robust network playing a pivotal

role in harnessing solutions and services enabling

governments, industries and communities to

accelerate digital transformation.

Today the digital revolution is in full force

with businesses looking at every window of

opportunity to transform their services and

solutions. At Etisalat our focus to realise the

vision and strategy of ‘Driving the digital future

to empower societies’ supported customers

during these unprecedented times by providing

them a plethora of new innovative services and

emerging technologies backed with resilient

connectivity to mitigate the exponential spikes

in the network.

Despite the global economic pressure, Etisalat

is confidently moving forward and progressing

positively in enabling societies across its

operations. We will continue to focus on

capitalising opportunities and enhancing overall

customer experience while delivering long-term

value for all our shareholders.”

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IMPACT OF COVID 19 PANDEMIC ON ETISALAT GROUP

We are witnessing unprecedented times

that have severely impacted people’s lives

and the global economy. The current crisis has

forced us to adapt rapidly to new realities and

consider faster ways of working with customers,

government authorities, vendors, and co-workers.

We demonstrated resilience as we ensured the

delivery of uninterrupted high quality services to

our customers and furthermore contributed to

supporting the societies in which we operate.

Our first priority was providing our customers

with critical services and ensuring our customers

and employees’ health and safety. Accordingly,

necessary precautions and preventive measures

were taken at our premises and we implemented

remote working for most of the staff with the

exception of critical technical and installation

services. We closed our shops and shifted sales to

digital channels.

Etisalat Group’s existing documented business

continuity plan was activated to ensure the safe

and stable continuation of its business operations.

Business continuity planning committees

were formed to determine and oversee the

implementation of all business continuity

plans associated with the effects of COVID-19,

including measures to address and mitigate any

identified key operational and financial issues.

Etisalat Group operations were impacted as a

result of lockdown measures that led to mobility

and travel restrictions. This impacted the way we

conduct our business and put pressure on our

revenue as a result of stores closure, affecting

the mobile prepaid segment and handset sales in

addition to loss of roaming revenue due to the

travel ban and additional provisions related to

trade receivables and contract assets. In response,

Etisalat Group was agile in implementing cost

optimization initiatives aimed at reducing costs

and minimizing the impact of top-line pressure.

Despite the fact that the economic recovery

remains uncertain and the effects of COVID-19

on humanity and businesses continue to evolve -

hence there are potential risks and uncertainties

associated with its future impact on businesses -

Etisalat Group continues to update its plans while

aiming to respond to them effectively. For more

details on the impact of COVID-19 on Etisalat

Group’s business and financial results, please

refer to note 25 of the condensed consolidated

interim financial information report.

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SUBSCRIBERS

Etisalat Group aggregate subscribers as at

30 June 2020 was 146 million reflecting a net

addition of 2.7 million during the last 12 month

period due to subscriber growth in Morocco,

Burkina Faso, Ivory Coast, Mali and Niger as well

as the integration of subscribers of Tigo Chad.

Quarter over quarter subscriber base decreased

by 2% mostly in prepaid segment as a results of

temporary lockdown in most of our markets.

In the UAE, the active subscriber base amounted

to 11.8 million subscribers in the second quarter

of 2020, which declined by 5% year on year and

by 7% quarter over quarter. The mobile subscriber

base decreased by 6% year on year to 10.0 million

subscribers attributed to the prepaid segment

that dropped by 9% due to temporary lockdown of

physical retail channels that impacted subscriber

acquisition. The postpaid segment grew by 6%

year over year. eLife subscription continued

to drive consistent growth with a 5% year on

year increase to 1.1 million subscribers. Total

broadband segment grew by 4% year on year to

1.2 million subscribers.

For Maroc Telecom, the subscriber base reached

68.4 million subscribers as at 30 June 2020,

representing a year over year growth of 9%. This

growth is mainly attributable to the operations

in Burkina Faso, Morocco, Ivory Coast, Mali and

Niger as well as to the integration of Tigo Chad.

In Egypt, subscriber base decreased by 2%

year over year to 26.0 million mainly in prepaid

segment.

In Pakistan, subscriber base decreased to 24.8

million, representing a 2% drop year over year

and 5% quarter over quarter. This decrease is

attributed to lower subscriber acquisition during

the lockdown.

143 150 146

2% 5% 2%

Q2'19 Q1'20 Q2'20Aggregate Subscribers (m) YoY

REVENUE

Etisalat Group’s consolidated revenue for

the second quarter of 2020 amounted to AED

12.5 billion, representing a decrease of 3% in

comparison to the same period last year and a

decrease of 5% quarter over quarter. The year

over year decrease is attributed to COVID-19

pandemic that resulted in temporary lockdown

and reduced activities in most of our markets and

negatively influenced revenue.

In the UAE, revenue in the second quarter

decreased year on year by 5% to AED 7.4 billion

and decreased quarter over quarter by 3%. This

decline is attributed to mobility restrictions

and border closures in response to COVID-19

that limited sales activities.. During this

period, Etisalat continued to support various

“Stay at Home” initiatives by offering free OTT

applications for consumers to connect with

their family and to study and work from home

and offered some premium TV content for free

for home entertainment. As a result, mobile

prepaid, fixed voice, outbound roaming and

handset sales declined. Mobile segment revenue

declined year over year by 17% to AED 2.6 billion

attributed to prepaid segment that was impacted

by retail shop closures, increased penetration of

OTT services and wifi offloading. Fixed segment

revenue remained stable at AED 2.8 billion. Other

segment revenue increased by 6% year over year

to AED 2.0 billion attributed to higher digital and

ICT services.

Revenues of International consolidated

operations for the second quarter of 2020

remained stable year over year at AED 5.0 billion

and decreased quarter over quarter by 4%.

Etisalat Misr witnessed strong performance and

the consolidation of Tigo Chad’s financials into

Maroc Telecom Group financials effective from

July 1, 2019 impacted the year on year results

however the growth was offset by unfavorable

exchange rates movements in the Pakistani Rupee

and CFA Franc. In constant currency, revenues

from international operations grew year over year

by 2%. Revenues from International operations

represented 40% of Group consolidated revenue.

Maroc Telecom consolidated revenue for the

second quarter of 2020 amounted to AED 3.2

billion, remaining stable year over year and it

was positively impacted by the consolidation of

Tigo Chad’s operations effective from July 2019.

In Morocco, revenue decreased year over year

by 4% in local currency. The mobile segment

revenue decreased by 7% as a result of decline in

international incoming revenue, outgoing prepaid

and roaming activities; however it was partially

offset by the increase in the revenue of the fixed

segment by 5%. Revenue from international

operations increased year over year by 6% in

12.9 13.1 12.5

-2% 1% -3%

Q2'19 Q1'20 Q2'20

AED Bn YoY

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local currency, resulting in 45% contribution to

Maroc Telecom Group’s consolidated revenue. On

a like for like basis, revenues from international

operations declined by 2% impacted by lower

mobile termination rates and the impact of the

current crisis.

In Egypt, revenue for the second quarter of

2020 was AED 1.0 billion, an increase of 18%

year on year and a decrease of 4% quarter over

quarter. Second quarter year on year growth is

attributed to strong contribution from mobile

data and national roaming revenue.

In Pakistan, revenue for the second quarter

was AED 0.7 billion representing a year over year

decrease of 15% and a decrease of 6% quarter

over quarter. Revenue growth is impacted by

unfavourable exchange rate movements of the

Pakistani Rupee against AED. In local currency,

revenue declined in the quarter by 5% mainly

attributed to the mobile segment that declined

by 16% and was impacted by lockdown that

affected people’s ability to make physical

transactions in a cash dominated economy as

well as the reinstatement of taxes on telecom

services effective from April 2019 . This decline

was partially offset by revenue growth in fixed

broadband, corporate segment and Ubank.

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OPERATING EXPENSES

Consolidated operating expenses for the second quarter of 2020 was AED 7.5 billion, a decrease of 4% compared to the same quarter of the previous year and a decrease of 7% from the first quarter of 2020. The decrease is mainly attributed to the agility of the group to optimize cost structure during COVID-19 pandemic resulting in lower staff costs, marketing costs, direct cost of sales and other operating expenses. Key components of operating expenses are:

• Direct cost of Sales decreased year over year by 2% to AED 2.9 billion in the second quarter of 2020, while decreased by 3% quarter over quarter. As a percentage of revenue, it remained stable at 23% in the second quarter.

• Staff expenses decreased by 14% to AED 1.1 billion for the second quarter of 2020 as compared to the same period of last year and quarter over quarter. As a percentage of revenue, staff costs decreased by 1 percentage point in the second quarter to 8%.

• Depreciation and Amortization expenses increased year over year by 1% to AED 1.9 billion in the second quarter of 2020 as compared to the same period in 2019, and decreased

quarter over quarter by 5%. As a percentage of revenue, depreciation and amortization expenses increased by 1 percentage point to 15% in the second quarter and remained constant compared to the first quarter of 2020.

• Network costs remained stable year over year at AED 0.6 billion in the second quarter of 2020 as compared to the same period in 2019 and decreased by 2% compared to the first quarter. As a percentage of revenue, network costs remained stable at 5%, similar to the same period last year and the first quarter of this year.

• Marketing expenses decreased by 29% to AED 0.2 billion in the second quarter of 2020 as compared to the same period in 2019 and decreased by 26% in comparison to the first quarter of this year due to lower marketing activity related to the lockdowns. As a percentage of revenue, marketing expenses decreased to 1% in the second quarter, 1 percentage point lower than the same period last year and similar to the first quarter of this year.

• Other operating expenses decreased by 1% year over year to AED 0.8 billion in the second quarter and decreased by 14% quarter over quarter. This decline is mainly attributed to lower IT costs and foreign exchange gain compared to foreign exchange loss in the prior periods. Other operating expenses represented 7% of the quarter revenues, stable compared to the same period of the prior year and 1 percentage point lower than the first quarter of 2020.

7.8 8.0 7.5

60% 61% 60%

Q2'19 Q1'20 Q2'20

AED Bn % of Revenue

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EBITDA

Group Consolidated EBITDA for the second

quarter of 2020 decreased by 3% year on year and

quarter on quarter to AED 6.5 billion, resulting in

an EBITDA margin of 52%, stable compared to the

prior year and 1 percentage point higher than the

prior quarter.

In the UAE, EBITDA in the second quarter of

2020 was AED 4.0 billion, a 4% decrease year-

over-year and leading to an EBITDA margin of

54%, 1 percentage point higher than the second

quarter of the previous year. EBITDA decreased by

1% with EBITDA margin up by 1 percentage point

in comparison to the first quarter of 2020. The year

over year decrease is mainly attributed to lower

revenue that outweighed the cost reductions;

while the increase in EBITDA margin is due to a

better revenue mix.

EBITDA of International consolidated operations

decreased year over year by 1% to AED 2.5

billion in the second quarter, resulting in a 38%

contribution to Group consolidated EBITDA. EBITDA

margin of international operations decreased by 1

percentage point to 49%, compared to the same

period last year and increased by 1 percentage

point compared to the first quarter of 2020. In

constant currency, EBITDA was stable year over year.

Maroc Telecom’s consolidated EBITDA for the

second quarter of 2020 amounted to AED 1.8

billion decreasing year over year by 2%, resulting

in an EBITDA margin of 56%. In Moroccan Dirham,

EBITDA in absolute terms remained stable year

over year. In Morocco, EBITDA declined year-

over-year by 3% to MAD 3.0 billion due to lower

revenue; while EBITDA from international markets

increased year over year by 9% in MAD, mainly

attributed to the lower mobile termination rates in

various countries and consolidation of Tigo Chad’s

operations effective from July 2019.

In Egypt, EBITDA in the second quarter increased

year on year by 25% to AED 0.4 billion and EBITDA

margin increased by 2 percentage points to 42%.

Quarter over quarter, EBITDA decreased by 4% and

EBITDA margin remained stable. The year on year

increase is attributed to higher revenue growth

coupled with better operating cost control measures.

In Pakistan, EBITDA in the second quarter of 2020

decreased year on year by 22% to AED 0.2 billion

with EBITDA margin decreased by 3 percentage

points to 32%. EBITDA was negatively impacted

by unfavourable exchange rate movements of the

Pakistani Rupee against AED, lower revenue and

higher provision on trade receivables. In local

currency, EBITDA decreased year over year by 13%.

Quarter over quarter, EBITDA increased by 3% and

EBITDA margin also increased by 3 percentage

points.

6.7 6.7 6.5

52% 51% 52%

Q2'19 Q1'20 Q2'20AED Bn EBITDA Margin

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NET PROFIT & EPS

Consolidated net profit after Federal Royalty

increased year over year by 7% to AED 2.4 billion

in the second quarter of 2020 while net profit

margin improved by 2 percentage points to 19%.

This increase is attributed to better performance

of associates, gain in financial investments, forex

gain as compared to forex losses in prior year and

lower federal royalty charges. Quarter over quarter

net profit increased by 10%.

Earnings per share (EPS) amounted to AED

0.27 in the second quarter, an increase of 7% as

compared to EPS of the same period last year.

On 21 July 2020, the Board of Directors

approved an interim dividend distribution for the

three months period ended 30 June 2020 at the

rate of 15 fils per share. Shareholders registered

in the Shareholders’ Register at the close of the

business day on 3 August 2020, will be eligible for

the dividend distribution. This brings the interim

dividend to 40 fils per share for the first half of

2020.

2.2 2.22.4

0.26 0.25 0.27

Q2'19 Q1'20 Q2'20

Net Profit (AED bn) EPS

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CAPEX

Consolidated capital expenditure increased year

over year by 6% to AED 1.5 billion in the second

quarter of 2020 resulting in a capital intensity

ratio of 12%, 1 percentage point higher than the

same period in 2019.

In the UAE, capital expenditure in the second

quarter was focused on ensuring network quality,

given the surge in data traffic as a result of the

lockdown and enhancing of network capacity

and speed. Capital expenditure during the quarter

amounted to AED 0.9 billion, a 36% increase in

comparison to the same period last year. Capital

intensity ratio was 12%, representing 4 percentage

points higher than the same quarter of the prior

year and 6 percentage points higher than the first

quarter of 2020.

Capital expenditures in International

consolidated operations in the second quarter of

2020 decreased by 22% to AED 0.6 billion compared

to the same period last year and represented 40%

of total Group capital expenditure.

In Maroc Telecom, capital expenditure for the

second quarter decreased by 38% year over year

to AED 0.2 billion resulting in a capital intensity

ratio of 8%. Capex spend in Morocco decreased

year over year by 47% and focused on supporting

the increase in mobile and fixed data traffic and

ensure network quality. On the international front,

capex spend decreased year over year by 26%with

spend focusing on mobile networks expansion and

upgrades to support the growth of data usage.

In Egypt, capital expenditure for the second

quarter decreased by 1% year over year to AED 0.2

billion resulting in a capital intensity ratio of 19%,

4 percentage points lower than the same period

of the prior year. Capex spend focused on network

deployment and capacity upgrade.

In Pakistan, capital expenditure for the second

quarter remained stable year over year at AED 0.2

billion resulting in a capital intensity ratio of 26%,

4 percentage points higher than the prior year.

Capital spending focused on enhancement of the

mobile network’s capacity.

1.4

1.1

1.5

11% 8%12%

Q2'19 Q1'20 Q2'20

Capex Intensity %

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DEBT

Total consolidated debt amounted AED 24.8

billion as of 30 June 2020, as compared to AED

23.9 billion as at 31 December 2019; an increase

of AED 0.9 billion.

Consolidated debt breakdown by operations as

of 30 June 2020 is as following:

• Etisalat Group (AED 14.8 billion)

• Maroc Telecom Group (AED 7.3 billion)

• Etisalat Misr (AED 1.3 billion)

• PTCL Group (AED 1.3 billion)

More than 51% of the debt balance is of long-

term maturity that is due beyond the second

quarter of 2021.

Currency mix for external borrowings is 40% in

Euros, 23% in US Dollars, 17% in MAD and 20% in

various currencies.

Consolidated cash balance amounted to AED

24.4 billion as of 30 June 2020 leading to a net

debt position of AED 0.4 billion.

25.3 24.4 24.8

Q2'19 Q1'20 Q2'20(AED bn)

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PROFIT & LOSS SUMMARY

BALANCE SHEET SUMMARY

CASH FLOW SUMMARY

(AED m) Q2’19 Q1’20 Q2’20 QoQ YoY

Revenue 12,879 13,113 12,492 -5% -3%

EBITDA 6,722 6,715 6,523 -3% -3%

EBITDA Margin 52% 51% 52% +1pp 0pp

Federal Royalty (1,584) (1,455) (1,509) +4% -5%

Net Profit 2,232 2,179 2,388 +10% +7%

Net Profit Margin 17% 17% 19% +3pp +2pp

(AED m) December 2019 June 2020

Cash & Bank Balances 29,657 24,421

Total Assets 128,266 121,893

Total Debt 23,889 24,828

Net Cash / (Debt 5,768 (406)

Total Equity 57,767 55,345

(AED m) 6M’ 2019 6M’ 2020

Operating 4,277 3,545

Investing (2,969) (2,432)

Financing (3,710) (6,415)

Net change in cash (2,402) (5,302)

Effect of FX rate changes 85 94

Reclassified as held for sales (30) (27)

Ending cash balance 26,014 24,421

)

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Average Rates Closing Rates

Foreign Exchange Rates Q2’19 Q2’20 YOY Q2’19 Q2’20 YOY

EGP - Egyptian Pound 0.2161 0.2317 7.23% 0.2199 0.2277 3.54%

SAR - Saudi Riyal 0.9793 0.9777 -0.17% 0.9793 0.9791 -0.02%

CFA - Central African Franc 0.0063 0.0062 -1.97% 0.0064 0.0063 -1.97%

PKR - Pakistani Rupee 0.0249 0.0225 -9.62% 0.0230 0.0219 -4.73%

AFA - Afghanistan Afghani 0.0475 0.0479 0.89% 0.0457 0.0474 3.81%

MAD - Moroccan Dirham 0.3795 0.3729 -1.75% 0.3836 0.3778 -1.52%

(AED m) Q2’19 Q1’20 Q2’20

EBITDA 6,722 6,715 6,523

Depreciation & Amortization (1,841) (1,950) (1,852)

Exchange Gain/ (Loss (18) (34) 37

Share of Associates and JV’s results (2) (31) 49

Impairment and other losses 2 (0) 0

Operating Profit before Royalty 4,863 4,762 4,758

RECONCILIATION OF NON-IFRS FINANCIAL MEASUREMENTS

We believe that EBITDA is a measurement

commonly used by companies, analysts and

investors in the telecommunications industry,

which enhances the understanding of our cash

generation ability and liquidity position, and

assists in the evaluation of our capacity to meet

our financial obligations. We also use EBITDA as

an internal measurement tool and, accordingly, we

believe that the presentation of EBITDA provides

useful and relevant information to analysts and

investors.

Our EBITDA definition includes revenue, staff

costs, direct cost of sales, regulatory expenses,

operating lease rentals, repairs and maintenance,

general financial expenses, and other operating

expenses.

EBITDA is not a measure of financial performance

under IFRS, and should not be construed as a

substitute for net earnings (loss) as a measure of

performance or cash flow from operations as a

measure of liquidity. The following table provides

a reconciliation of EBITDA, which is a non-

IFRS financial measurement, to Operating Profit

before Federal Royalty, which we believe is the

most directly comparable financial measurement

calculated and presented in accordance with IFRS.

)

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DISCLAIMER

Emirates Telecommunications Group Company

PJSC and its subsidiaries (“Etisalat Group” or the

“Company”) have prepared this presentation (“

Presentation”) in good faith, however, no warranty

or representation, express or implied is made as

to the adequacy, correctness, completeness or

accuracy of any numbers, statements, opinions or

estimates, or other information contained in this

Presentation.

The information contained in this Presentation

is an overview, and should not be considered as

the giving of investment advice by the Company or

any of its shareholders, directors, officers, agents,

employees or advisers. Each party to whom this

Presentation is made available must make its own

independent assessment of the Company after

making such investigations and taking such advice

as may be deemed necessary.

Where this Presentation contains summaries

of documents, those summaries should not be

relied upon and the actual documentation must

be referred to for its full effect.

This Presentation includes certain “forward-

looking statements”. Such forward looking

statements are not guarantees of future

performance and involve risks of uncertainties.

Actual results may differ materially from these

forward looking statements.

ABOUT ETISALAT GROUP

Etisalat Group is an international, blue-chip

organisation with operations in 16 countries across

the Middle East, Africa and Asia. It is one of the

leading telecom operators with one of the largest

market capitalization among Middle East, African

and Asian telcos. It is a highly rated telecom

company with ratings from Standard & Poor’s and

Moody’s (AA-/Aa3).

Etisalat Group’s shareholding structure consists

of 60% held by the Emirates Investment Authority

and 40% free float. Etisalat (Ticker: Etisalat) is

quoted on the Abu Dhabi Stock Exchange (ADX).

Investors:Investor Relations

Email: [email protected]

Website: www.etisalat.com

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www.etisalat.com

EARNINGS RELEASE SECOND QUARTER 2020 - Etisalat · 2020. 10. 21. · Quarter over quarter...

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